The sudden abundance of relatively clean and inexpensive shale oil and gas is profoundly changing global energy markets. Despite the rapid growth of renewable energy, the fact remains that fossil fuels will continue to dominate world energy consumption for decades to come. Therefore, fossil fuel consumption will continue to produce greenhouse gas emissions that are linked to global warming. Public and political pressure, however, is to curtail the use of oil and gas hydrocarbons or find solution for permanent disposal of heat trapping gases. This is no longer an option for the future; it is a political necessity.

Carbon dioxide sequestration and storage presents a huge challenge for research and development. Massive projects will eventually be required, leading to many opportunities, new businesses and specialized services. Most of these activities will fall on the shoulders of petroleum engineers and geologists.

This presentation provides a view on global climate change issues, starting with causes and effects, the positions of believers and skeptics and the often contradictory arguments of scientists and policy makers, with the likely political consequences for the petroleum industry.